Method and system for generating a valuation metric based on growth data factors

ABSTRACT

The present invention relates to a system, method and apparatus for evaluating a variety of financial information, determining a valuation metric, and distributing the valuation metric to system users. The valuation metric distribution may be configured by an administrator for automatic distribution of the valuation metric to system users. Alternately, a system user may log onto a central server to access the valuation metric, based on administrator defined or user-customized system data. The valuation characteristic provides a system user with a metric that may be used to assist in allocating the user&#39;s financial resources. The metric is determined by analyzing three main types of financial indicators, specifically an earnings-yield factor, an interest factor and a growth indicator.

FIELD OF THE INVENTION

The invention relates to the field of financial information datamanagement. More specifically, the invention relates to a system andmethod for generating a risk valuation metric based on an analysis ofgrowth data factors.

BACKGROUND INFORMATION

Generally, a primary goal of the financial industry relates to obtainingbetter methods for analyzing current/historic data to correlate apresent/future value for financial instruments. More specifically,financial data analysis often entails examining past performance data inorder to predict future performance. One exemplary type of analysis isused to determine a valuation metric that assesses a risk/reward ratiobetween current stock valuations and current bond valuations. Thevaluation metric provides a way to quantify whether the stock market isover or under valued, as compared to current interest rates associatedwith bonds. From this determination, it is possible to determine arelative value, as a valuation metric that is associated with a risklevel of bonds, as opposed to a risk level of stocks. An investor mayultimately utilize the valuation metric to evaluate how their currentfinancial portfolio is distributed between various financialinstruments, with respect to their individual risk tolerance (i.e.,whether based on the current state of the financial markets, theirfinancial resources would potentially provide a better if they held morestocks than bonds).

A conventional valuation metric is based on a comparison of the 10-yearUS Treasury note and the forward operating earnings per share averagefor the Standard & Poor's 500 stock index, which is widely known as theFed Model (although the United States Federal Government has notofficially adopted the metric). Essentially, the Fed model is avaluation metric that quantifies when the forward earnings yield on theS&P 500 is less than the yield associated with a 10-year bond. As such,the Fed model valuation metric is a tool that may be used to determinehow to distribute assets within an investor's portfolio.

However, the Fed Model has at least one major flaw—even though theforward earnings yield of the S&P 500 is factored in to the model, theFed model does not directly account for growth of stocks in determininga valuation. Accordingly, the Fed model does not account for futuregrowth, which is one of the primary advantages of investing in stocks.

SUMMARY OF THE INVENTION

The invention provides an efficient system and method for determiningand distributing a stock/bond valuation metric, wherein the metricaccounts for the future growth of the equities. More specifically, theinvention relates to a method and system for (a) establishing theparameters used to determine the valuation metric; (b) calculating thevaluation metric; as well as (c) distributing the valuation metric.

The present invention provides, inter alia, a networked systemconfigured to determine and distribute a valuation metric. Thedetermination processing may be configured by either an administrator ora system user to generate a generic valuation metric or a customizedvaluation metric based on system user inputs and/or characteristics.Further, once the valuation metric has been determined, theadministrator and/or the system user may format and distribute themetric based on the needs of the system user.

Other and further aspects of the invention will become apparent from thefollowing detailed description with reference to the accompanyingdrawings.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 illustrates an exemplary network configuration associated with animplementation of a Growth Valuation Controller (GVC).

FIG. 2 illustrates an internet based administration interface for anadministrative user to interact with the system.

FIG. 3. is a flowchart illustrating administrative user interactionswith the system in accordance with an implementation of the invention.

FIG. 4 illustrates an internet based user interface for a system user tointeract with the system.

FIG. 5 is a flowchart associated illustrating system user interactionswith the system in accordance with an implementation of the invention.

FIG. 6 is an exemplary diagram illustrating hardware components andsoftware modules for an embodiment of the invention.

With reference to the figures, various embodiments of the presentinvention will now be shown and described. The leading reference numberfor each item designates the first figure in which that item has beenintroduced.

DETAILED DESCRIPTION OF THE INVENTION

In the following description of various embodiments of the invention,reference is made to the accompanying drawings, which form a parthereof, and in which is shown by way of illustration various embodimentsin which the invention may be practiced. It is to be understood thatother advancing embodiments may be utilized, and structural andfunctional modifications may be made, without departing from the scopeof the present invention.

Overview

The invention provides an efficient method and system for determiningand distributing a financial valuation metric determined based on anequities factor, a interest factor and a future growth factor. As willbe discussed in greater detail below and with regard to the figures, theinvention determines a financial valuation metric, while accounting fora future growth characteristic associated with equities (e.g., stocks).Further, the invention may be configured to assist in portfoliomanagement based on such a determination. The financial valuation metricmay be determined based on factors customized either by systemadministrators or by the system users themselves. Furthermore, avaluation metric distribution method may be customized based on theindividual needs of a system user.

Financial Valuation Market Model

As discussed above, the Fed Model is one method of determining whetherthe stock market is either over-valued or under-valued. Based on thistype of determination, it is possible to provide guidance for investorsregarding whether an investor's resources are better invested in stocksor bonds at a particular point in time. However, the Fed Model does notdirectly account for the future growth of stocks as part of thevaluation metric. In contrast, the invention generates a valuationmetric that may serve as the basis for portfolio weighting that doesaccount for a future growth characteristic in determining the metric.

According to an embodiment of the invention, the valuation metric isbased on three factors—namely, an earnings yield, a growth rate, and aninterest rate of fixed income securities. More specifically, oneimplementation of the invention is based on the forward earnings yieldassociated with the S&P 500 index, a 20-year historical average growthrate, and the interest rate associated with the 10-year US Treasurynote/bond. These financial indicators (factors) have been selected toprovide a robust valuation metric based on a diverse field of factors.The breadth and generality of the factors used to determine thevaluation metric assist in determining an accurate reflection of thecurrent financial state. However, it is to be understood that thefactors for determining the valuation metric are not limited to thesethree financial indicators.

Various implementations may be customized to determine a valuationmetric by an individual system user, based on their needs and/or currentfinancial holdings. For example, instead of implementing anearnings-yield factor, such as the P/E ratio associated with the S&P500, a user may select any other number of P/E ratios to determine thevaluation metric. For example, as the forward P/E is based on analystestimates and computed for an index such as the S&P 500, alternateindices may be used for the calculation, such other domestic or foreignbroad-based indexes like the Dow Jones Industrial Average, the FinancialTime Stock Exchange (FTSE) 100 or the Morgan Stanley CapitalInternational Europe, Australasia Far East (MSCI EAFE) index.Alternately, the earnings-yield factor may be based on more narrowlybased indexes such as sector or industry indexes, value or growthindexes, and/or large, mid, small or micro-cap indexes. In alternateimplementations, the factors may be aggregated to create a single factorbased on weighting earnings-yield data associated with several indexes.

In addition to accounting for the type and breadth of index factoredinto the determination, the data sample duration may also be factoredinto the equation. Data based on samples taken over greater durations oftime may minimize the affects of minor volatilities associated with thefinancial values taken on a micro-scale. However, it is necessary tostrike a balance between accurately accounting for future trendsassociated with a given index and the increased uncertainty associatedwith future estimates in the present geo-political environment.Accordingly, analyst estimates for the earnings-yield factor may includeforward looking data covering durations including, but not limited to12, 18 or 24 months.

Similarly, it is to be understood that a variety of growth factors maybe chosen and implemented as part of the valuation metric determination.In one embodiment of the invention, the 20-year historical averagegrowth rate is implemented. Alternately, a simple historical compoundaverage consisting of all available data collected over rolling periods(e.g., the most recent five, ten or twenty year periods) may beimplemented as the growth rate factor associated with specific equitiesor equity indexes.

In additional implementations, the growth rates may be weighted toemphasize or de-emphasize certain periods of time. By weighting certainperiods of time, it is possible to represent long term trends moreaccurately. By way of example only, a system administrator implementinga 20-year historical growth average may want to de-emphasize a certainperiod of time such as the period of time around Sep. 11, 2001, whichmay skew or adversely affect the overall average. Alternately, a systemadministrator using a 20-year growth average may want to emphasize thegrowth experienced within the most recent five-year period. As will bediscussed in greater detail below, system administrators/system usersmay be provided with a significant amount of customization to address anindividual client's specific needs and financial situation. It is alsopossible to further customize the system to produce a valuation metricthat is based on growth factors such as operating earnings, cash flow,free cash flow, and/or other income statement based variants, instead ofor in addition to the growth factors discussed herein.

Furthermore, the interest rate associated the interest-bearinginstrument factors may be selected from a diverse number of instrumentsto better suit the needs and financial situation of an individualclient. By way of example only, instead of implementing theinterest-bearing instrument factor as the interest rate associated withthe 10-year US treasury note/bond, any number of other interest ratesassociated with other debt market instruments may be implemented.Exemplary debt market instruments may include instruments from bothpublic and/or private institutions such those issued by governmentagencies, foreign/domestic corporations and/or foreign governments.

In a manner similar to the growth and earnings-yield factors, theinterest-bearing instrument factor selected may involve a wide varietyof durations, including but not limited to 2, 5, 10, 15, or 30-yeardurations. Again, the administrators may make a selection based on anumber of factors, but the end result involves attempting to obtain aviable valuation metric that accurately reflects the current state ofthe balance between equities and interest-bearing instruments.

According to an embodiment of the invention, the valuation metric may bebased on the following equation:Valuation Metric=Earnings Yield+Growth Rate−Interest RateWhere the Earnings Yield in an implementation is defined as:1/(P/E)where P/E refers to the Price-to-Earnings Ratio. The growth rate is anestimate of future earnings growth based on historical data and thegrowth expectations of security analysts, and the interest rate refersto the yield-to-maturity on a selected fixed-income security.

FIG. 1 illustrates an exemplary implementation of the system. By way ofexample only, the system is based on a Growth Valuation Controller (GVC)100. The GVC is connected via a communication network 101, such as theinternet, with user nodes 103. The user nodes 103 may be configured toas either as administrative user nodes 105 or as system user nodes 115.The user nodes 103 facilitate instant remote access byadministrative/system users 105/115, as well as a significant degree ofcustomization and flexibility.

Administrative System

FIG. 2 illustrates an exemplary administrator interface 200 for anadministrator to interact with the GVC 100. As illustrated, afterlogging onto the system, the administrator user 105 may be provided witha series of administrative options 205-210 used to configure thevaluation metric determination procedure. These options may be presentedto the administrator 105 as an internet navigational window or in alocal software program stored on an administrative user node 105 thattransmits data to the GVC 100.

Exemplary administrative system options may include a generic/systemuser specific valuation process 205. More specifically, an administrator105 may use the system to determine a generic valuation metric based onbroad financial indicators, such as those discussed above. Theadministrator 105 is provided with data format options that facilitateselection of a the valuation factors for a series of actual financialvalues (i.e., the current percentage yield on a 10-year treasury bond,the current earnings yield of the S&P 500, etc. . . ) as option 206. Thesystem control window may also be configured to present an administratorwith the option to implement weighting of various selected economicvalues in option 206. In order to assist in facilitating optimization ofthe data selection in option 206, the administrator have access to afinancial charting tool 207 for comparing various financial data pointsover a range of durations of time. Charting tool 207 provides anadministrator 105 with graphical charts that may include a wide varietyhistorical financial information. As such, the administrator 105 may beeasily determine a robust set of data factors over a representativeduration of time that are suited to the needs of a group of subscribers.

As discussed above, the system is directed to both determining thevaluation metric, as well as distributing the valuation metric. Options208 and 209 assist with distributing the valuation metric once it isdetermined. As discussed above, it is possible to use different factorsto calculate a generic valuation metric. An administrator may createseveral valuation metrics that reflect based by varying the levels ofvolatility associated with the different factors. As such, system users(subscribers) 115 may indicate what level of risk/volatility they arecomfortable with. The administrator 105 may manage a subscriber list 208and distribute different generic valuation metrics based on the varyingsubscriber risk exposure parameters.

Furthermore, an administrator 105 may customize the distribution formatand/or the frequency of valuation metric report. By way of example only,the administrator 105 may configure a customized web page hosted by thesystem 100 that is available to the subscriber 115 via the internet.Alternately, the administrator 105 may configure the system toperiodically deliver an electronic report of financial information thatincludes the valuation metric. It is to be understood that the methodsdiscussed herein are exemplary and that administrator 105 may configurethe system to report the valuation metric in any number ofsubscriber/administrator defined formats. In an alternated embodiment ofthe invention system report files may be automatically attached and sentvia email to all system users associated with a particular subscriberlist.

An administrator also has the ability to select a specific valuationoption 210 active for qualified system users. Once enabled, theadministrator may select factors that are selected based on the specificneeds/financial resources of an individual system user 115 and theirspecific financial holdings. Alternately, the administrator may enablethe system user themselves to access the system 100 and determine thevaluation factors for themselves (discussed in greater detail below withregard to FIGS. 4 and 5).

FIG. 3 is an administration flow diagram 300 illustrating exemplaryadministrative user 105 interactions with an implementation of thesystem 100. By way of example only, upon logging onto the system 100, anadministrator 105 must first determine whether they are going tomodify/create a general (directed to a group of subscribers 115) or aspecific (directed to an individual) valuation metric in step 310. Instep 320, the administrator 105 interacts with the system 100 todetermine the factors that will be used to calculate the valuationmetric.

After establishing the valuation factors in step 320, the administratoris presented with the option to modify the system user characteristicsin step 325. For example, the administrator 105 may enable the systemuser 115 to access a customized financial management web page shown inFIG. 4 (As will be discussed in greater detail below, the system userweb page may be configured to the allow an individual system user tointeract with financial database information in order to determine andcustomize the valuation metric to meet their individual needs). Further,the system 100 allows an administrator 105 to modify individual systemuser characteristics, including but not limited to, subscriber lists instep 330. The administrator may modify the system user's information instep 330 designated subscription frequency or subscription catalogue(i.e., a system user may register to receive a single or multiplegeneral valuation metrics, as well request receiving updated valuationinformation at a certain interval). The administrator may also modifythe distribution characteristics associated with a system user 115(e.g., register a system user to receive emailed valuation metricreports). After the administrator 105 has configured the valuationparameters, the administrator may execute a system update in step 340accepting the updated parameters.

FIG. 4 is an exemplary illustration of a system user specific financialweb page accessible via a communication network. Some of theadministrative functionality discussed above is also available to theindividual system user 115. For example, a system user 115 may indicatewhether they want to create/modify the data factors used to calculatethe valuation metric in option 406. In order to assist in determiningwhich values to implement as the earning yield, growth rate and interestrate, the GVC may be configured to provide access to both a chartingtool configured to display financial data over various durations oftime, as well as access to a historical financial database as option407.

In the event that the system user 115 does not want to customize thefactors themselves, option 408 provides the system user 115 with thecapability to register for general valuation metric(s). Morespecifically, system user 115 may select general valuation metrics froma catalogue of metrics. The catalogue may be configured according to anynumber of metric parameters or by predetermined risk levels. The systemuser 115 may also indicate a subscription frequency that corresponds tothe frequency the metric data is updated and/or reported to the systemuser 115

The system user options 400 also include some additional functionalityprovided specifically to the end user. The GVC may be configured toprovide a system user 115 with portfolio specific metrics in option 420,wherein the system user 115 provides financial information related totheir current financial holdings. The system determines the valuationmetric as discussed above and provides the system user with agraphicalltextual analysis based on their holdings, in light of thedetermined valuation metric. Accordingly, the system user 115 is able tomake informed future financial decisions based on the determinedvaluation metric as directly applied to their holdings. The portfoliospecific option 420 is enabled with a portfolio input interface 425. Insome implementations the portfolio specific option may be linked withexisting financial databases to provide additional analysis andrecommendations for future financial decisions.

FIG. 5 is system user flow diagram 500 illustrating exemplary systemuser 105 interactions with an implementation of the system. Afterlogging onto the system, a system user 115, may customize the valuationparameters as discussed above in step 505. The system user 115 canfurther customize the system user information, such as registering forgeneral valuation metric subscriptions and setting the report receiptfrequency in step 515. If it is enabled in step 520, the system user maymodify and/or input user-specific financial holding information in step535. Alternately, if the portfolio specific option 420 is not enabled orselected as determined in step 520, the system user may review/generatehistorical valuation metric data by selecting the valuation parametersfrom a linked historical financial database. The system displays thecalculated valuation metric or historic data metric in step 530.

Growth Valuation Controller

FIG. 6 is of a block diagram illustrating an embodiment Growth ValuationController (GVC) 601. In this embodiment, the GVC 601 may serve toprocess, store, search, serve, identify, instruct, generate, match,and/or update securities related data.

In one embodiment, the GVC 601 may be connected to and/or communicatewith entities such as, but not limited to: one or more users from userinput devices 612A; remoter storage devices 612B; peripheral devices612C; and/or a communications network 613. The GVC may even be connectedto and/or communicate with a cryptographic processor device 628.

A GVC 601 may be based on common computer systems that may comprise, butare not limited to, components such as: a computer systemizationconnected to memory 629.

Computer Systemization

A computer systemization may comprise a clock 630, central processingunit (CPU) 603, a read only memory (ROM) 606, a random access memory(RAM) 605, and/or an interface bus 607, and most frequently, althoughnot necessarily, are all interconnected and/or communicating through asystem bus 604. Optionally, the computer systemization may be connectedto an internal power source. Optionally, a cryptographic processor 626may be connected to the system bus 604. The system clock 630 typicallyhas a crystal oscillator and provides a base signal. The clock 630 istypically coupled to the system bus 604 and various clock multipliersthat will increase or decrease the base operating frequency for othercomponents interconnected in the computer systemization.

The clock and various components in a computer systemization drivesignals embodying information throughout the system. Such transmissionand reception of signals embodying information throughout a computersystemization may be commonly referred to as communications. Thesecommunicative signals may further be transmitted, received, and thecauses of return and/or reply signal communications beyond the instantcomputer systemization to: communications networks, input devices, othercomputer systemizations, peripheral devices and/or the like. Of course,any of the above components may be connected directly to one another,connected to the CPU 603 and/or organized in numerous variationsemployed as exemplified by various computer systems.

The CPU 603 comprises at least one high-speed data processor adequate toexecute program modules for executing user and/or system-generatedrequests. The CPU may be a microprocessor such as AMD's Athalon, Duronand/or Opteron; IBM and/or Motorola's PowerPC; Intel's Celeron, Itanium,Pentium, Xeon, and/or XScale; and/or the like processor(s). The CPUinteracts with memory through signal passing through conductive conduitsto execute stored program code according to conventional data processingtechniques. Such signal passing facilitates communication within the GVCand beyond through various interfaces. Should processing requirementsdictate a greater amount speed, mainframe and super computerarchitectures may similarly be employed. Alternatively, shoulddeployment requirements dictate greater portability, smaller PersonalDigital Assistants (PDAs) may be employed.

Power Source

The power source may be of any standard form for powering smallelectronic circuit board devices such as the following power cells:alkaline, lithium hydride, lithium ion, nickel cadmium, solar cellsand/or the like. Other types of AC or DC power sources may be used aswell. In the case of solar cells, in one embodiment, the case providesan aperture through which the solar cell may capture photonic energy.The power cell is connected to at least one of the interconnectedsubsequent components of the GVC thereby providing an electric currentto all subsequent components. In one example, the power source isconnected to the system bus component 604. In an alternative embodiment,an outside power source is provided through a connection across the I/O608 interface. For example, a USB and/or IEEE 1394 connection carriesboth data and power across the connection and is therefore a suitablesource of power.

Interface Adapters

Interface bus(ses) 607 may accept, connect, and/or communicate to anumber of interface adapters, conventionally although not necessarily inthe form of adapter cards, such as but not limited to: input outputinterfaces (I/O) 608, storage interfaces 611, network interfaces 610,and/or the like. Optionally, cryptographic processor interfaces 628similarly may be connected to the interface bus. The interface busprovides for the communications of interface adapters with one anotheras well as with other components of the computer systemization.Interface adapters are adapted for a compatible interface bus. Interfaceadapters conventionally connect to the interface bus via a slotarchitecture. Conventional slot architectures may be employed, such as,but not limited to: Accelerated Graphics Port (AGP), Card Bus,(Extended) Industry Standard Architecture ((E)ISA), Micro ChannelArchitecture (MCA), NuBus, Peripheral Component Interconnect (Extended)(PCI(X)), PCI Express, Personal Computer Memory Card InternationalAssociation (PCMCIA), and/or the like.

Storage interfaces 611 may accept, communicate, and/or connect to anumber of storage devices such as, but not limited to: storage devices614, removable disc devices, and/or the like. Storage interfaces mayemploy connection protocols such as, but not limited to: (Ultra)(Serial) Advanced Technology Attachment (Packet Interface) ((Ultra)(Serial) ATA(PI)), (Enhanced) Integrated Drive Electronics ((E)IDE),Institute of Electrical and Electronics Engineers (IEEE) 1394, fiberchannel, Small Computer Systems Interface (SCSI), Universal Serial Bus(USB), and/or the like.

Network interfaces 610 may accept, communicate, and/or connect to acommunications network 613. Network interfaces may employ connectionprotocols such as, but not limited to: direct connect, Ethernet (thick,thin, twisted pair 10/100/1000 Base T, and/or the like), Token Ring,wireless connection such as IEEE 802.11a-x, and/or the like. Acommunications network may be any one and/or the combination of thefollowing: a direct interconnection; the Internet; a Local Area Network(LAN); a Metropolitan Area Network (MAN); an Operating Missions as Nodeson the Internet (OMNI); a secured custom connection; a Wide Area Network(WAN); a wireless network (e.g., employing protocols such as, but notlimited to a Wireless Application Protocol (WAP), I-mode, and/or thelike); and/or the like. A network interface may be regarded as aspecialized form of an input output interface. Further, multiple networkinterfaces 610 may be used to engage with various communications networktypes 613. For example, multiple network interfaces may be employed toallow for the communication over broadcast, multicast, and/or unicastnetworks.

Input Output interfaces (I/O608 may accept, communicate, and/or connectto user input devices 612A, remote storage device 612B, peripheraldevices 612C, cryptographic processor 626, and/or the like. I/O mayemploy connection protocols such as, but not limited to: Apple DesktopBus (ADB); Apple Desktop Connector (ADC); audio: analog, digital,monaural, RCA, stereo, and/or the like; IEEE 1394a-b; infrared;joystick; keyboard; midi; optical; PC AT; PS/2; parallel; radio; serial;USB; video interface: BNC, composite, digital, Digital Visual Interface(DVI), RCA, S-Video, VGA, and/or the like; wireless; and/or the like. Acommon output device is a video display, which typically comprises aCathode Ray Tube (CRT) or Liquid Crystal Display (LCD) based monitorwith an interface (e.g., DVI circuitry and cable) that accepts signalsfrom a video interface. The video interface composites informationgenerated by a computer systemization and generates video signals basedon the composited information in a video memory frame. Typically, thevideo interface provides the composited video information through avideo connection interface that accepts a video display interface (e.g.,a DVI connector accepting a DVI display cable).

User input devices 612A may be card readers, dongles, finger printreaders, gloves, graphics tablets, joysticks, keyboards, mouse (mice),trackballs, trackpads, retina readers, and/or the like.

Peripheral devices 612C may be connected and/or communicate to I/Oand/or other facilities of the like such as network interfaces, storageinterfaces, and/or the like. Peripheral devices may be audio devices,cameras, dongles (e.g., for copy protection, ensuring securetransactions with a digital signature, and/or the like), externalprocessors (for added functionality), goggles, microphones, monitors,network interfaces, printers, scanners, storage devices, video devices,visors, and/or the like.

It should be noted that although user input devices and peripheraldevices may be employed, the GVC may be embodied as an embedded,dedicated, and/or headless device, wherein access would be provided overa network interface connection.

Cryptographic units such as, but not limited to, microcontrollers,processors 626, interfaces 628, and/or devices 629 may be attached,and/or communicate with the GVC. A MC68HC16 microcontroller, commonlymanufactured by Motorola Inc., may be used for and/or withincryptographic units. Equivalent microcontrollers and/or processors mayalso be used. The MC68HC16 microcontroller utilizes a 16-bitmultiply-and-accumulate instruction in the 16 MHz configuration andrequires less than one second to perform a 512-bit RSA private keyoperation. Cryptographic units support the authentication ofcommunications from interacting agents, as well as allowing foranonymous transactions. Cryptographic units may also be configured aspart of CPU. Other commercially available specialized cryptographicprocessors include VLSI Technology's 33 MHz 6868 or SemaphoreCommunications' 40 MHz Roadrunner 184.

Memory

Generally, any mechanization and/or embodiment allowing a processor toaffect the storage and/or retrieval of information is regarded as memory623. However, memory is a fungible technology and resource, thus, anynumber of memory embodiments may be employed in lieu of or in concertwith one another. It is to be understood that a GVC and/or a computersystemization may employ various forms of memory 623. For example, acomputer systemization may be configured wherein the functionality ofon-chip CPU memory (e.g., registers), RAM, ROM, and any other storagedevices are provided by a paper punch tape or paper punch cardmechanism; of course such an embodiment would result in an extremelyslow rate of operation. In a typical configuration, 623 will include ROM606, RAM 605, and a storage device 614. A storage device 614 may be anyconventional computer system storage. Storage devices may include adrum; a (fixed and/or removable) magnetic disk drive; a magneto-opticaldrive; an optical drive (i.e., CD ROM/RAM/Recordable (R), ReWritable(RW), DVD R/RW, etc.); and/or other devices of the like. Thus, acomputer systemization generally requires and makes use of memory.

Module Collection

The memory 623 may contain a collection of program and/or databasemodules and/or data such as, but not limited to: operating systemmodules (615 (administration control module); information servermodule(s) 616 (information server); user interface module(s) 617 (userinterface); Web browser module(s) 618 (Web browser); database(s) 619;cryptographic server module(s) 620 (cryptographic server); GVC module(s)635; and/or the like (i.e., collectively a module collection). Thesemodules may be stored and accessed from the storage devices and/or fromstorage devices accessible through an interface bus. Althoughnon-conventional software modules such as those in the modulecollection, typically, are stored in a local storage device 614, theymay also be loaded and/or stored in memory such as: peripheral devices,RAM, remote storage facilities through a communications network, ROM,various forms of memory and/or the like.

Operating System

The operating system module 615 is executable program code facilitatingthe operation of a GVC. Typically, the operating system facilitatesaccess of I/O, network interfaces, peripheral devices, storage devicesand/or the like. The operating system may be a highly fault tolerant,scalable, and secure system such as Apple Macintosh OS X (Server), AT&TPlan 9, Be OS, Linux, Unix and/or the like operating systems. However,more limited and/or less secure operating systems also may be employedsuch as Apple Macintosh OS, Microsoft DOS, Palm OS, Windows2000/2003/3.1/95/98/CE/Millenium/NT/XP (Server), and/or the like. Anoperating system may communicate to and/or with other modules in amodule collection, including itself, and/or the like. Most frequently,the operating system communicates with other program modules, userinterfaces and/or the like. For example, the operating system maycontain, communicate, generate, obtain and/or provide program module,system, user and/or data communications, requests and/or responses. Theoperating system, once executed by the CPU, may enable the interactionwith communications networks, data, I/O, peripheral devices, programmodules, memory, user input devices, and/or the like. The operatingsystem may provide communications protocols that allow the GVC tocommunicate with other entities through a communications network 613.Various communication protocols may be used by the GVC as a subcarriertransport mechanism for interaction, such as, but not limited to:multicast, TCP/IP, UDP, unicast and/or the like.

Information Server

An information server module 616 is stored program code that is executedby the CPU. The information server may be a conventional Internetinformation server such as, but not limited to Apache SoftwareFoundation's Apache, Microsoft's Internet Information Server and/or thelike. The information server may allow for the execution of programmodules through facilities such as Active Server Page (ASP), ActiveX,(ANSI) (Objective-) C (++), Common Gateway Interface (CGI) scripts,Java, JavaScript, Practical Extraction Report Language (PERL), Python,WebObjects, and/or the like. The information server may support securecommunications protocols such as, but not limited to, File TransferProtocol (FTP); HyperText Transfer Protocol (HTTP); Secure HypertextTransfer Protocol (HTTPS), Secure Socket Layer (SSL), and/or the like.The information server provides results in the form of Web pages to Webbrowsers, and allows for the manipulated generation of the Web pagesthrough interaction with other program modules. After a Domain NameSystem (DNS) resolution portion of an HTTP request is resolved to aparticular information server, the information server resolves requestsfor information at specified locations on a GVC based on the remainderof the HTTP request. For example, a request such ashttp://123.124.125.126/myInformation.html might have the IP portion ofthe request “123.124.125.126” resolved by a DNS server to an informationserver at that IP address; that information server might in turn furtherparse the http request for the “/myInformation.html” portion of therequest and resolve it to a location in memory containing theinformation “myInformation.html.” Additionally, other informationserving protocols may be employed across various ports, e.g., FTPcommunications across port 21, and/or the like. An information servermay communicate to and/or with other modules in a module collection,including itself, and/or facilities of the like. Most frequently, theinformation server communicates with the GVC database 620, operatingsystems, other program modules, user interfaces, Web browsers, and/orthe like.

Access to GVC database may be achieved through a number of databasebridge mechanisms such as through scripting languages as enumeratedbelow (e.g., CGI) and through inter-application communication channelsas enumerated below (e.g., CORBA, WebObjects, etc.). Any data requeststhrough a Web browser are parsed through the bridge mechanism intoappropriate grammars as required by the GVC. In one embodiment, theinformation server would provide a Web form accessible by a Web browser.Entries made into supplied fields in the Web form are tagged as havingbeen entered into the particular fields, and parsed as such. The enteredterms are then passed along with the field tags, which act to instructthe parser to generate queries directed to appropriate tables and/orfields. In one embodiment, the parser may generate queries in standardSQL by instantiating a search string with the proper join/selectcommands based on the tagged text entries, wherein the resulting commandis provided over the bridge mechanism to the GVC as a query. Upongenerating query results from the query, the results are passed over thebridge mechanism, and may be parsed for formatting and generation of anew results Web page by the bridge mechanism. Such a new results Webpage is then provided to the information server, which may supply it tothe requesting Web browser.

Also, an information server may contain, communicate, generate, obtainand/or provide program module, system, user and/or data communications,requests and/or responses.

User Interface

A user interface module 617 is stored program code that is executed bythe CPU. The user interface may be a conventional graphic user interfaceas provided by, with, and/or atop operating systems and/or operatingenvironments such as Apple Macintosh OS, e.g., Aqua, Microsoft Windows(NT/XP), Unix X Windows (KDE, Gnome, and/or the like), and/or the like.The user interface may allow for the display, execution, interaction,manipulation and/or operation of program modules and/or systemfacilities through textual and/or graphical facilities. The userinterface provides a facility through which users may affect, interactand/or operate a computer system. A user interface may communicate toand/or with other modules in a module collection, including itself,and/or facilities of the like. Most frequently, the user interfacecommunicates with operating systems, other program modules and/or thelike. The user interface may contain, communicate, generate, obtainand/or provide program module, system, user and/or data communications,requests and/or responses.

Web Browser

A Web browser module 618 is stored program code that is executed by theCPU. The Web browser may be a conventional hypertext viewing applicationsuch as Microsoft Internet Explorer or Netscape Navigator. Secure Webbrowsing may be supplied with 128-bit (or greater) encryption by way ofHTTPS, SSL and/or the like. Some Web browsers allow for the execution ofprogram modules through facilities such as Java, JavaScript, ActiveXand/or the like. Web browsers and like information access tools may beintegrated into PDAs, cellular telephones, and/or other mobile devices.A Web browser may communicate to and/or with other modules in a modulecollection, including itself, and/or facilities of the like. Mostfrequently, the Web browser communicates with information servers,operating systems, integrated program modules (e.g., plug-ins), and/orthe like; e.g., it may contain, communicate, generate, obtain, and/orprovide program module, system, user, and/or data communications,requests, and/or responses. Of course, in place of a Web browser andinformation server, a combined application may be developed to performsimilar functions of both. The combined application would similarlyaffect the obtaining and the provision of information to users, useragents, and/or the like from GVC enabled nodes. The combined applicationmay be nugatory on systems employing standard Web browsers.

Cryptographic Server

A cryptographic server module 619 is stored program code that isexecuted by the CPU 603, cryptographic processor 626, cryptographicprocessor interface 627, cryptographic processor device 628, and/or thelike. Cryptographic processor interfaces will allow for expedition ofencryption and/or decryption requests by the cryptographic module;however, the cryptographic module, alternatively, may run on aconventional CPU. The cryptographic module allows for the encryptionand/or decryption of provided data. The cryptographic module allows forboth symmetric and asymmetric (e.g., Pretty Good Protection (PGP))encryption and/or decryption. The cryptographic module may employcryptographic techniques such as, but not limited to: digitalcertificates (e.g., X.509 authentication framework), digital signatures,dual signatures, enveloping, password access protection, public keymanagement and/or the like. The cryptographic module will facilitatenumerous (encryption and/or decryption) security protocols such as, butnot limited to: checksum, Data Encryption Standard (DES), EllipticalCurve Encryption (ECC), International Data Encryption Algorithm (IDEA),Message Digest 5 (MD5, which is a one way hash function), passwords,Rivest Cipher (RC5), Rijndael, RSA (which is an Internet encryption andauthentication system that uses an algorithm developed in 1977 by RonRivest, Adi Shamir, and Leonard Adleman), Secure Hash Algorithm (SHA),Secure Socket Layer (SSL), Secure Hypertext Transfer Protocol (HTTPS),and/or the like. Employing such encryption security protocols, the GVCmay encrypt all incoming and/or outgoing communications and may serve asnode within a virtual private network (VPN) with a wider communicationsnetwork. The cryptographic module facilitates the process of “securityauthorization” whereby access to a resource is inhibited by a securityprotocol wherein the cryptographic module effects authorized access tothe secured resource. In addition, the cryptographic module may provideunique identifiers of content, e.g., employing and MD5 hash to obtain aunique signature for a digital audio file. A cryptographic module maycommunicate to and/or with other modules in a module collection,including itself, and/or facilities of the like. The cryptographicmodule supports encryption schemes allowing for the secure transmissionof information across a communications network to enable a GVC module toengage in secure transactions if so desired. The cryptographic modulefacilitates the secure accessing of resources on GVC and facilitates theaccess of secured resources on remote systems; i.e., it may act as aclient and/or server of secured resources. Most frequently, thecryptographic module communicates with information servers, operatingsystems, other program modules and/or the like. The cryptographic modulemay contain, communicate, generate, obtain and/or provide programmodule, system, user and/or data communications, requests and/orresponses.

GVC Database

A GVC database module 620 may be embodied in a database and its storeddata. The database is stored program code, which is executed by the CPU;the stored program code portion configuring the CPU to process thestored data. The database may be a conventional, fault tolerant,relational, scalable, secure database such as Oracle or Sybase.Relational databases are an extension of a flat file. Relationaldatabases consist of a series of related tables. The tables areinterconnected via a key field. Use of the key field allows thecombination of the tables by indexing against the key field; i.e., thekey fields act as dimensional pivot points for combining informationfrom various tables. Relationships generally identify links maintainedbetween tables by matching primary keys. Primary keys represent fieldsthat uniquely identify the rows of a table in a relational database.More precisely, they uniquely identify rows of a table on the “one” sideof a one-to-many relationship.

Alternatively, the GVC database may be implemented using variousstandard data-structures, such as an array, hash, (linked) list, struct,structured text file (e.g., XML), table and/or the like. Suchdata-structures may be stored in memory and/or in (structured) files. Inanother alternative, an object-oriented database may be used, such asFrontier, ObjectStore, Poet, Zope and/or the like. Object databases caninclude a number of object collections that are grouped and/or linkedtogether by common attributes; they may be related to other objectcollections by some common attributes. Object-oriented databases performsimilarly to relational databases with the exception that objects arenot just pieces of data but may have other types of functionalityencapsulated within a given object. If the GVC database is implementedas a data-structure, the use of the GVC database 620 may be integratedinto another module such as the GVC module 635. Also, the database maybe implemented as a mix of data structures, objects and relationalstructures. Databases may be consolidated and/or distributed incountless variations through standard data processing techniques.Portions of databases, e.g., tables, may be exported and/or imported andthus decentralized and/or integrated.

In one embodiment, the database module 620 includes several tables 620a-d. An System User table 620 a includes fields such as, but not limitedto: an System_User_ID, Account_ID and/or the like. An Administrator Usertable 620 b includes fields such as, but not limited to:Administrator_ID, Subscriber_List, Catalog_List, VM_Ratings, and/or thelike. A Finance table 620 c includes fields such as, but not limited to:Equity_List, Int_Bear_Intsr_List, and/or the like. An Chart table 620 dincludes information directed to historical financial data used increate charts to assist in financial analysis. The database moduleincludes other tables and relations as already discussed in FIG. 1 andthroughout the disclosure.

In one embodiment, user programs may contain various user interfaceprimitives, which may serve to update GVC. Also, various accounts mayrequire custom database tables depending upon the environments and thetypes of clients a GVC may need to serve. It should be noted that anyunique fields may be designated as a key field throughout. In analternative embodiment, these tables have been decentralized into theirown databases and their respective database controllers (i.e.,individual database controllers for each of the above tables). Employingstandard data processing techniques, one may further distribute thedatabases over several computer systemizations and/or storage devices.Similarly, configurations of the decentralized database controllers maybe varied by consolidating and/or distributing the various databasemodules 620 a-d. The GVC may be configured to keep track of varioussettings, inputs and parameters via database controllers.

A GVC database may communicate to and/or with other modules in a modulecollection, including itself, and/or facilities. of the like. Mostfrequently, the GVC database communicates with a GVC module, otherprogram modules and/or the like. The database may contain, retain andprovide information regarding other nodes and data.

Growth Valuation

A GVC module 635 is stored program code that is executed by the CPU. TheGVC module affects accessing, obtaining and the provision ofinformation, services, transactions and/or the like across variouscommunications networks.

A GVC module enabling access of valuation metric data between nodes maybe developed by employing standard development tools such as, but notlimited to: (ANSI) (Objective-) C (++), Apache modules, binaryexecutables, database adapters, Java, JavaScript, mapping tools,procedural and object oriented development tools, PERL, Python, shellscripts, SQL commands, web application server extensions, WebObjects,and/or the like. In one embodiment, the GVC controller employs acryptographic server to encrypt and decrypt communications. A GVC modulemay communicate to and/or with other modules in a module collection,including itself, and/or facilities of the like. Most frequently, theGVC module communicates with a GVC database, operating systems, otherprogram modules and/or the like. The GVC may contain, communicate,generate, obtain and/or provide program module, system, user and/or datacommunications, requests and/or responses.

Distributed GVC

The structure and/or operation of any of the GVC node controllercomponents may be combined, consolidated and/or distributed in anynumber of ways to facilitate development and/or deployment. Similarly,the module collection may be combined in any number of ways tofacilitate deployment and/or development. To accomplish this, one mayintegrate the components into a common code base or in a facility thatcan dynamically load the components on demand in an integrated fashion.

The module collection may be consolidated and/or distributed incountless variations through standard data processing and/or developmenttechniques. Multiple instances of any one of the program modules in theprogram module collection may be instantiated on a single node, and/oracross numerous nodes to improve performance through load-balancingand/or data-processing techniques. Furthermore, single instances mayalso be distributed across multiple controllers and/or storage devices;e.g., databases. All program module instances and controllers working inconcert may do so through standard data processing communicationtechniques.

The configuration of the GVC will depend on the context of systemdeployment. Factors such as, but not limited to, the budget, capacity,location and/or use of the underlying hardware resources may affectdeployment requirements and configuration. Regardless of if theconfiguration results in more consolidated and/or integrated programmodules, results in a more distributed series of program modules, and/orresults in some combination between a consolidated and distributedconfiguration, data may be communicated, obtained, and/or provided.Instances of modules consolidated into a common code base from theprogram module collection may communicate, obtain and/or provide data.This may be accomplished through intra-application data processingcommunication techniques such as, but not limited to: data referencing(e.g., pointers), internal messaging, object instance variablecommunication, shared memory space, variable passing, and/or the like.

If module collection components are discrete, separate, and/or externalto one another, then communicating, obtaining, and/or providing datawith and/or to other module components may be accomplished throughinter-application data processing communication techniques such as, butnot limited to: Application Program Interfaces (API) informationpassage; (distributed) Component Object Model ((D)COM), (Distributed)Object Linking and Embedding ((D)OLE), and/or the like), Common ObjectRequest Broker Architecture (CORBA), process pipes, shared files, and/orthe like. Messages sent between discrete module components forinter-application communication or within memory spaces of a singularmodule for intra-application communication may be facilitated throughthe creation and parsing of a grammar. A grammar may be developed byusing standard development tools such as lex, yacc, XML, and/or thelike, which allow for grammar generation and parsing functionality,which in turn may form the basis of communication messages within andbetween modules. Again, the configuration will depend upon the contextof system deployment.

The entirety of this disclosure (including the Cover Page, Title,Headings, Field, Background, Summary, Brief Description of the Drawings,Detailed Description, Claims, Abstract, Figures, and otherwise) shows byway of illustration various embodiments in which the claimed inventionsmay be practiced. The advantages and features of the disclosure are of arepresentative sample of embodiments only, and are not exhaustive and/orexclusive. They are presented only to assist in understanding and teachthe claimed principles. It should be understood that they are notrepresentative of all claimed inventions. As such, certain aspects ofthe disclosure have not been discussed herein. That alternateembodiments may not have been presented for a specific portion of theinvention or that further undescribed alternate embodiments may beavailable for a portion is not to be considered a disclaimer of thosealternate embodiments. It will be appreciated that many of thoseundescribed embodiments incorporate the same principles of the inventionand others are equivalent. Thus, it is to be understood that otherembodiments may be utilized and functional, logical, organizational,structural and/or topological modifications may be made withoutdeparting from the scope and/or spirit of the disclosure. As such, allexamples and/or embodiments are deemed to be non-limiting throughoutthis disclosure. Also, no inference should be drawn regarding thoseembodiments discussed herein relative to those not discussed hereinother than it is as such for purposes of space and reducing repetition.For instance, it is to be understood that the logical and/or topologicalstructure of any combination of any program modules (a modulecollection), other components and/or any present feature sets asdescribed in the figures and/or throughout are not limited to a fixedoperating order and/or arrangement, but rather, any disclosed order isexemplary and all equivalents, regardless of order, are contemplated bythe disclosure. Furthermore, it is to be understood that such featuresare not limited to serial execution, but rather, any number of threads,processes, services, servers, and/or the like that may executeasynchronously, concurrently, in parallel, simultaneously,synchronously, and/or the like are contemplated by the disclosure. Assuch, some of these features may be mutually contradictory, in that theycannot be simultaneously present in a single embodiment. Similarly, somefeatures are applicable to one aspect of the invention, and inapplicableto others. In addition, the disclosure includes other inventions notpresently claimed. Applicant reserves all rights in those presentlyunclaimed inventions including the right to claim such inventions, fileadditional applications, continuations, continuations in part,divisions, and/or the like thereof. As such, it should be understoodthat advantages, embodiments, examples, functional, features, logical,organizational, structural, topological, and/or other aspects of thedisclosure are not to be considered limitations on the disclosure asdefined by the claims or limitations on equivalents to the claims.

We claim:
 1. A computerized system for distributing a financialvaluation metric for use in determining an investment strategy andanalyzing an investment portfolio comprising: a memory device; and aprocessor disposed in communication with the memory device, theprocessor configured to: designate system characteristics including aninterest rate factor, an earnings-yield factor, and a growth ratefactor; determine the financial valuation metric based on the factorsaccording to the formula:valuation metric=Earnings Yield+Growth Rate−Interest Rate wherein theEarnings Yield comprises a forward earnings yield associated with anequity security or an equity security index, the Growth Rate comprisesan estimated earnings growth rate of the value of the equity security orthe equity security index, and the Interest Rate comprises ayield-to-maturity on a selected fixed-income security; and followingdetermination of the valuation metric, using the valuation metric todetermine an investment strategy and analyze an investment portfolio. 2.The system of claim 1, wherein the processor is further configured todistribute the valuation metric based on a subscription service.
 3. Thesystem of claim 1, wherein the system characteristics are establishedfor a subscriber through an administration session.
 4. The system ofclaim 1, wherein processor is configured to establish systemcharacteristics by a user.
 5. The system of claim 3, wherein theprocessor is configured to create a series of valuation metrics based ondifferent system characteristics.
 6. The system of claim 5, wherein theseries of valuation metrics are cataloged according to a risk/volatilityfactor.
 7. The system of claim 6, wherein the processor is configured toprocess a system user request to receive at least one of the multiplevaluation metrics.
 8. The system of claim 4, wherein the processor isconfigured to provide a system user with a list of predetermined systemcharacteristics for determining the valuation metric.
 9. The system ofclaim 8, wherein the processor is configured to receive a system userrequest that includes system user designed system characteristics fordetermining the valuation metric.
 10. The system of claim 1, wherein theinterest rate factor is the 10-year US Treasury note/bond.
 11. Thesystem of claim 1, wherein the earnings-yield factor is associated withany domestic or foreign based indexes.
 12. The system of claim 1,wherein growth rate factor is implemented as a twenty-year historicalaverage growth rate.
 13. A computerized method for distributing afinancial valuation metric for use in determining an investment strategyand analyzing an investment portfolio comprising: obtainingcharacteristics including an interest rate factor, an earnings-yieldfactor, and a growth rate factor using a computer; determining, usingthe computer, the financial valuation metric based on the factorsaccording to the formula:valuation metric=Earnings Yield+Growth Rate−Interest Rate wherein theEarnings Yield comprises a forward earnings yield associated with anequity security or an equity security index, the Growth Rate comprisesan estimated earnings growth rate of the value of the equity security orthe equity security index, and the Interest Rate comprises ayield-to-maturity on a selected fixed-income security; and distributingthe determined valuation metric to a system user wherein the user willuse the valuation metric in determining an investment strategy andanalyzing an investment portfolio.
 14. The method of claim 13, furthercomprising distributing the valuation metric based on a subscriptionservice.
 15. The method of claim 13, wherein the system characteristicsare established for a subscriber through an administration session. 16.The method of claim 13, further comprising establishing systemcharacteristics by a system user.
 17. The method of claim 15, furthercomprising creating a series of valuation metrics based on differentsystem characteristics.
 18. The method of claim 17, wherein the seriesof valuation metrics are cataloged according to a risk/volatilityfactor.
 19. The method of claim 18, further comprising receiving asystem user request to receive at least one of the multiple valuationmetrics.
 20. The method of claim 16, further comprising providing asystem user with a list of predetermined system characteristics fordetermining the valuation metric.
 21. The method of claim 20, furthercomprising receiving a system user request that includes system userdesignated system characteristics for determining the valuation metric.22. The method of claim 13 wherein the interest rate factor is the10-year US Treasury note/bond.
 23. The method of claim 13, wherein theearnings-yield factor is associated with any domestic or foreign basedindexes.
 24. The method of claim 13, wherein the growth rate factor isimplemented as a twenty-year historical average growth rate.
 25. Anon-transitory computer-readable medium having computer-executableinstructions for performing a method for distributing a financialvaluation metric for use in determining an investment strategy andanalyzing an investment portfolio comprising: designating systemcharacteristics including an interest rate factor, an earnings-yieldfactor, and a growth rate factor; determining the financial valuationmetric based on the factors according to the formula:valuation metric=Earnings Yield+Growth Rate−Interest Rate wherein theEarnings Yield comprises a forward earnings yield associated with anequity security or an equity security index, the Growth Rate comprisesan estimated earnings growth rate of the value of the equity security orthe equity security index, and the Interest Rate comprises ayield-to-maturity on a selected fixed-income security; and using thevaluation metric to determine an investment strategy and analyzing aninvestment portfolio.
 26. The non-transitory computer-readable medium ofclaim 25 further comprising computer-executable instructions forperforming distributing the valuation metric based on a subscriptionservice.
 27. The non-transitory computer-readable medium of claim 25,wherein the system characteristics are established for a subscriberthrough an administration session.
 28. The non-transitorycomputer-readable medium of claim 25, further comprisingcomputer-executable instructions for establishing system characteristicsby a system user.
 29. The non-transitory computer-readable medium ofclaim 27, further comprising computer-executable instructions forcreating a series of valuation metrics based on different systemcharacteristics.
 30. The non-transitory computer-readable medium ofclaim 29, wherein the series of valuation metrics are catalogedaccording to a risk/volatility factor.
 31. The non-transitorycomputer-readable medium of claim 28, further comprisingcomputer-executable instructions for receiving a system user request toreceive at least one of the multiple valuation metrics.
 32. Thenon-transitory computer-readable medium of claim 28, further comprisingcomputer-executable instructions for providing a system user with a listof predetermined system characteristics for determining the valuationmetric.
 33. The non-transitory computer-readable medium of claim 32,further comprising computer-executable instructions for receiving asystem user request that includes system user designated systemcharacteristics for determining the valuation metric.
 34. Thenon-transitory computer-readable medium of claim 25, wherein theinterest rate factor is the 10-year US Treasury note/bond.
 35. Thenon-transitory computer-readable medium of claim 25, wherein theearnings-yield factor is associated with any domestic or foreign basedindexes.
 36. The non-transitory computer-readable medium of claim 25,wherein the growth rate factor is implemented as a twenty-yearhistorical average growth rate.
 37. The system of claim 1, wherein thegrowth rate factor is a weighted growth rate.
 38. The method of claim13, wherein the growth rate factor is a weighted growth rate.
 39. Thenon-transitory computer-readable medium of claim 25, wherein the growthrate factor is a weighted growth rate.